Calamity to Come

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Why $[20+] Trillion [publicly acknowledged now] Only Hints at the True U.S. Debt “Hiding the government’s liabilities from the public makes it seem that we can tax our way out of mounting deficits. We can’t.”

“A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.“

The Awful Future that Looms for a Majority of Today’s AmericansAnd any attempt to seriously discuss the financial fate of the nation is ignored and dismissed with the proviso that its someone else’s problem

“The longer Congress delays, the more wrenching will be the policy changes needed to correct the government’s fiscal course — and the deeper will be the economic damage of undisciplined spending and growing deficits and debt.“

“The West [is] not going to find its way to the right economic path with a little tweaking at the edges, the CEO said. What is needed is a wholesale overhaul of the economic system to tackle record levels of public and private debt.”

“A fiscal crisis of massive proportions is coming and most citizens in states where it will hit hardest are completely unaware of the tsunami of new taxes that will be needed to pay for the profligacy of unions and state legislatures when it comes to public employee health care and pension costs.“

“When we broke the link between money and gold, this removed all constraints on credit creation. This explosion of credit created the world we live in, but it now seems that credit cannot expand any further because the private sector is incapable of repaying the debt it has already, and if credit begins to contract, there’s a very real danger that we will collapse into a new Great Depression.”